Macleod and the offence of defrauding the company in one-person businesses: the divergence between legal principle and logic widens

McConvill, James and Bagaric, Mirko 2003, Macleod and the offence of defrauding the company in one-person businesses: the divergence between legal principle and logic widens, Australian journal of corporate law, vol. 16, no. 1, pp. 53-64.

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Macleod and the offence of defrauding the company in one-person businesses: the divergence between legal principle and logic widens

The recent High Court decision in Macleod v R establishes that a director and sole shareholder may be convicted of fraudulently applying a company's property even though the person has consented to the personal use of the company's property. It is contended that while this decision is consistent with the weight of precedent, it is wrong in principle. The decision implies that corporations are not only separate legal entities, but that they are highly virtuous legal entities -- incapable of being imbued with the dishonest intentions and activities of the individuals controlling the company.

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